Bitcoin's Bullish Movement Sparks Liquidations and Uptick in Interest

Bitcoin's Bullish Movement Sparks Liquidations and Uptick in Interest

By: Eliza Bennet

In a series of events, Bitcoin kicked off December on a bullish note, triggering more than $36 million in short position liquidations. The rolling bullishness also resulted in Bitcoin's open interest undergoing a surge of 4%

Bitcoin started December on an upbeat note, with the price breaching the $38,000 mark (source). The price surge resulted in liquidation of approximately $36.88 million worth of short positions. A substantial chunk of the liquidations, close to $15.62 million, took place on the Binance platform (source). Almost half a billion dollars of liquidations are hanging between the current price of Bitcoin, around $38,300, and the $39,000 mark.

Bullish momentum created ripples in the Bitcoin market, initiating a rise in its open interest. Open interest indicates the volume of outstanding Bitcoin futures or options in circulation, suggesting the scale of capital committed to Bitcoin derivates. This metric observed a rise of 4% in a span of 24 hours. Binance posted a strong performance, emerging as the leading platform in Bitcoin open interest (source).

Bitcoin's monthly close has stirred up optimism among investors, with a healthy close and bidding taking place above the $35,000 level. Furthermore, data suggests that over $1 billion in BTC has been withdrawn from exchanges, hinting at a bullish sentiment in the market.

Additional factors contributing to the current market dynamics include anticipation of a spot Bitcoin ETF approval, unwavering commitment from MicroStrategy to Bitcoin investments, and a marked pattern in buying behaviors, indicating a strategic approach by market participants.

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